SBI Interest Certificate: Uses & How to Get it?

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SBI Account holders (savings, current or fixed deposit) and the borrowers of loans (education, personal, or home) can get their interest certificates online. But what exactly does an interest certificate mean? Well, it is a document that provides them with details like interest earned on deposit accounts and interest paid on loan accounts. 

An individual can substantiate the claims for deductions by submitting the interest certificate while filing for income tax returns. Learn all about the SBI interest certificate, know about its uses and how to obtain it online in this blog.

Overview of SBI Interest Certificate

An SBI interest certificate is a document that provides credit and debit details of interest earned and paid during a financial year. The kind of interest certificate depends on what services the account holder uses. 

An SBI deposit interest certificate shows the amount of interest earned on savings or fixed deposit accounts. Unlike the deposit interest certificate, a home loan or education loan interest certificate from SBI provides the details of the interest paid on the loan account for the financial year. 

The SBI education loan interest certificate includes details like the name of the borrower, loan account number, type of loan, interest paid on the loan account, amount of interest proposed to be paid, and the principal amount. 

Also Read: Know about the SBI education loan disbursement process and understand the important steps involved for hassle-free education loan disbursal.

Uses of Education Loan Certificate SBI


Students who have opted for the SBI Global Ed-vantage education loan scheme must regularly obtain the education loan interest certificate from the bank. It is used to claim income tax rebates for education loans under Section 80E of the Income Tax. It means that the interest paid on an education loan is applicable for deduction from the taxable income. 

SBI account holders must obtain an interest certificate from the bank for filing income tax returns. The interest certificate acts as proof for claiming the tax benefits on education loan interest payments. An individual can also track expenses and monitor the interest payments throughout the year using the loan SBI certificate.

Also Read: SBI Student Credit Card allows students to easily manage their cash while studying abroad. Check out this blog to learn about its features, benefits, rates and how to apply.

How to get an SBI Interest Certificate Online?

You can visit the nearest SBI bank branch and request an SBI interest certificate. However, to make the banking process smooth and hassle-free, SBI has enabled a feature to obtain interest certificates online. Customers can easily access the new SBI online banking portal and generate interest certificates. Follow these steps- 

  • Visit the official website of SBI at www.onlinesbi.sbi.
  • Log in via your credentials under the Personal Banking section.
  • Click on the ‘My Certificates’ tab.
  • Select the ‘Education Loan’ interest certificate.
  • SBI loan interest certificates can be viewed online. 
  • Click on ‘Download’ and save.

Also Read: Check out these blogs to learn more about the steps to obtain an ICICI Interest Certificate and Axis Bank Interest Certificate online or through the official mobile application.

FAQs

What is an SBI Interest Certificate?

An SBI Interest certificate is a document that provides the details on interest earned on savings or fixed deposit accounts with SBI. For an education loan interest certificate, the documents show the principal amount and interest amount paid during the financial year. 

What is the education loan certificate SBI?

The SBI interest certificate for an education loan is a document that provides details on how much interest has been paid during the financial year and how much interest is pending for the remaining repayment tenure.

How can I obtain an SBI interest certificate online?

Customers can easily access the new SBI online banking portal and generate interest certificates online. Simply, log in to the Personal Banking section and navigate to the ‘My Certificates’ tab. Look for the education loan certificate and download the same.

What is the difference between an SBI deposit interest certificate and an SBI loan interest certificate?

The SBI deposit interest certificate provides detailed information about the interest earned on your deposit accounts (savings and fixed deposits). An education loan interest certificate shows the amount of interest paid on an education loan during the financial year. Both of them help in claiming tax benefits.

What are the uses of SBI interest certificates?

SBI account holders must obtain an interest certificate from the bank for filing income tax returns. It helps you claim for the deductions under Section 80E of the Income Tax Act. The certificate acts as a proof for claiming the tax benefits on education loan interest payments.

What do I need to obtain an education loan certificate from SBI?

An education loan interest certificate is used to claim income tax rebates for education loans under Section 80E of the Income Tax. It means that the interest paid is deducted from the taxable income. 

This was all about the SBI interest certificate. Understanding how to obtain it is important as it helps the borrowers of education loans to claim income tax rebates under Section 80E of the Income Tax Act and keep track of expenses and interest payments on SBI education loans.

To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.

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About Shubhika Garg

Hey there! I'm Shubhika- a proud graduate in English Literature and Language from Delhi University. My journey as a content writer transitioned from online teacher into the world of words. Stepping into the domain of blogs and articles, I discovered my passion for writing growing deeper and stronger. Having said that, I have experience of writing for diverse industries in automobile, technology, ed-tech, finance and mental-health; crafting details to help you find the solution to what you are looking for. Join me as I invite you all explore and learn together.

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